Mortgage to Rent

Mortgage to Rent

Mortgage to Rent Scheme Scotland

Mortgage to Rent is run by the Scottish Government. It is used by homeowners who are threatened with eviction due to non-payment of their mortgages.

Under the scheme, a homeowner's property is bought by a housing association who then rent the property back to the owner who is able to stay on as a social tenant.

To qualify the homeowner needs to have:

  • Legal Action Threatened
  • Have all property owners' consent (e.g. both husband and wife)
  • Must be main place of residence
  • No inhibitions (a legal contract prohibiting the sale of a property).

Mortgage Shortfall

Many people find themselves being asked to pay large sums by their mortgage lender after they have been repossessed or have handed in the keys on their house. Often people think that once they have left the house their liability ends. However, this is not the case if the house is sold for less than the outstanding mortgage. The debt that remains is usually referred to as a mortgage shortfall.

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